PEPE rose nearly 12% over the past 24 hours to about $0.0000048 on October 28, following reports that blockchain analytics firm Arkham Intelligence had linked large holdings of the meme coin to Tron founder Justin Sun.
The token traded between $0.0000043 and $0.0000050 during the day. Trading volume reached about $476 million, and market capitalization stayed above $2 billion. PEPE has gained about 15% over the past month but remains well below its December 2024 record high of $0.000028.
Justin Sun Becomes Largest PEPE Holder
On October 27, Arkham identified PEPE holdings worth about $51.25 million across wallets linked to Sun. These wallets hold about 2.82% of the total supply. The addresses received 11.85 trillion PEPE through two withdrawals from Poloniex on October 17 and October 26. The transfers were worth about $48.76 million at the time. Arkham described Sun as the largest individual PEPE holder outside of exchanges.
Other whales also moved tokens on October 28. Onchain Lens reported a 366.97 billion PEPE deposit to Coinbase, worth about $1.64 million, and said it could point to a sale. Lookonchain reported that two dormant whales moved a combined 2.27 trillion PEPE worth about $10.19 million. The destination and purpose of these transfers are not yet clear.
Exchange Outflows and Futures Activity
Santiment reported that PEPE held on exchanges fell by 4.77 trillion tokens on October 16. That was the largest one-day drop since at least October 2. The session included 15 transfers above $1 million and about $20 million in net outflows. PEPE then gained about 13% between its October 17 and October 22 closing prices.
Some of those tokens returned. Between October 19 and 22, exchange supply rose by 2.11 trillion tokens, reversing more than 40% of the earlier drop.
CoinGlass data showed net spot outflows of $1.39 million at press time. Futures volume rose 72.67% to $587.89 million, while open interest climbed 7.10% to $316.14 million.
Canary Capital has also filed an amended registration statement for a proposed PEPE exchange-traded fund. The fund is still a proposal and has not launched.
Technical Levels
On the daily chart, the relative strength index sits at 61.37, below the overbought level of 70. The MACD line is above its signal line, showing positive momentum.
Analyst Crypto With Gopal pointed to a possible double-bottom pattern, with buyers defending support near $0.0000042. Trader Symba flagged resistance near $0.00000453, with targets of $0.00000470 and $0.0000050.
PEPE now faces resistance at $0.0000050. A daily close above that level would put $0.0000055 and $0.0000060 in focus, while a rejection could send the price toward $0.0000045 and then $0.0000040.
